Global Market Trend As Of July 27th, 2022

Walmart is drastically reducing the cost of its apparel items in an attempt to sell off its surplus as shoppers shift their focus toward food, the company announced Monday.

The company says shoppers are focusing on essentials like food and gasoline due to skyrocketing inflation and high gas prices. The announcement comes after the company announced reduced profit projections for fiscal year 2023.

CHINA’S FED Insiders : The Chinese government has targeted the Federal Reserve in an effort to undermine American monetary policy since at least 2013, according to a report released Tuesday by Republicans on the Senate Homeland Security and Government Affairs Committee.

The report detailed the actions of several Federal Reserve employees known as the "P-Network," whose foreign travel patterns and academic backgrounds raised concerns internally. 

Oil reserves tapped: The White House announced Tuesday that the Department of Energy will be issuing a notice to sell 20 million more barrels of oil for the Strategic Petroleum Reserve as part of the Biden administration's effort to bring gas prices down. 

This makes the fifth such sale that President Biden has authorized. The White House continued to blame "disruptions posed by Russia’s invasion" for the high prices while claiming that the Biden administration's actions are making a tremendous difference.